Invenomic Capital Management LP Buys 140,339 Shares of Shutterstock, Inc. (NYSE:SSTK)

Invenomic Capital Management LP boosted its stake in Shutterstock, Inc. (NYSE:SSTK) by 30.9% in the first quarter, HoldingsChannel reports. The firm owned 594,475 shares of the business services provider’s stock after acquiring an additional 140,339 shares during the period. Shutterstock makes up approximately 1.4% of Invenomic Capital Management LP’s holdings, making the stock its 20th largest holding. Invenomic Capital Management LP’s holdings in Shutterstock were worth $27,233,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in SSTK. Texas Permanent School Fund Corp increased its position in shares of Shutterstock by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 20,941 shares of the business services provider’s stock valued at $959,000 after purchasing an additional 271 shares during the last quarter. Fifth Third Bancorp grew its position in Shutterstock by 48.7% during the fourth quarter. Fifth Third Bancorp now owns 883 shares of the business services provider’s stock valued at $43,000 after buying an additional 289 shares during the period. First Horizon Advisors Inc. increased its holdings in Shutterstock by 58.5% during the fourth quarter. First Horizon Advisors Inc. now owns 894 shares of the business services provider’s stock valued at $43,000 after buying an additional 330 shares during the last quarter. ProShare Advisors LLC raised its position in Shutterstock by 7.4% in the first quarter. ProShare Advisors LLC now owns 4,957 shares of the business services provider’s stock worth $227,000 after acquiring an additional 342 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of Shutterstock by 0.3% during the 4th quarter. Principal Financial Group Inc. now owns 146,428 shares of the business services provider’s stock worth $7,070,000 after acquiring an additional 372 shares during the last quarter. Institutional investors own 82.79% of the company’s stock.

Shutterstock Price Performance

Shares of SSTK stock traded up $0.74 on Tuesday, hitting $43.53. 434,105 shares of the stock traded hands, compared to its average volume of 478,057. Shutterstock, Inc. has a 52 week low of $33.80 and a 52 week high of $54.40. The firm has a 50 day simple moving average of $39.02 and a two-hundred day simple moving average of $43.13. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of 16.59 and a beta of 1.12.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings results on Thursday, May 2nd. The business services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.16. Shutterstock had a return on equity of 21.14% and a net margin of 10.71%. The business had revenue of $214.32 million during the quarter, compared to analyst estimates of $211.03 million. Sell-side analysts forecast that Shutterstock, Inc. will post 3.38 EPS for the current year.

Shutterstock Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Thursday, August 29th will be issued a $0.30 dividend. The ex-dividend date is Thursday, August 29th. This represents a $1.20 dividend on an annualized basis and a yield of 2.76%. Shutterstock’s dividend payout ratio is presently 46.51%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Needham & Company LLC restated a “buy” rating and issued a $65.00 price objective on shares of Shutterstock in a research note on Tuesday, May 14th. Truist Financial cut their price target on Shutterstock from $70.00 to $65.00 and set a “buy” rating for the company in a report on Monday, May 6th. Finally, Morgan Stanley raised their price objective on Shutterstock from $55.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.25.

Insiders Place Their Bets

In related news, CFO Jarrod Yahes bought 5,350 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The stock was purchased at an average price of $37.35 per share, for a total transaction of $199,822.50. Following the completion of the transaction, the chief financial officer now owns 43,904 shares in the company, valued at $1,639,814.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Paul J. Hennessy purchased 12,500 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was bought at an average cost of $38.38 per share, with a total value of $479,750.00. Following the completion of the purchase, the chief executive officer now owns 87,803 shares in the company, valued at $3,369,879.14. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jarrod Yahes acquired 5,350 shares of Shutterstock stock in a transaction on Friday, May 24th. The stock was purchased at an average cost of $37.35 per share, for a total transaction of $199,822.50. Following the purchase, the chief financial officer now owns 43,904 shares in the company, valued at $1,639,814.40. The disclosure for this purchase can be found here. 32.00% of the stock is currently owned by corporate insiders.

About Shutterstock

Shutterstock, Inc provides platform to connect brands and businesses to high quality content in North America, Europe, and internationally. The company offers image services consisting of photographs, vectors, and illustrations, which is used in visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications, and others; footage services, including video clips, filmed by industry experts and cinema grade video effects in HD and 4K formats that are integrated into websites, social media, marketing campaigns, and cinematic productions; and music services comprising music tracks and sound effects, which are used to complement images and footage.